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Ravencoin
Launched on 3rd of Jan 2018 Ravencoin (RVN) is an open-source project supported by X16R algorithm, designed to handle one specific function: the transfer of assets from one party to another. It is absolutely ASIC free cryptocurrency, which means that you can use only GPUs to mine Ravencoin. The process of mining Ravencoin and gain profits, requires few important steps, which we will cover in our mining guide: …more
- Hardware requirements you must meet – GPU rigs
- How to setup your mining software
- Which are the best RVN mining pool options
There is one more way to mine RVN. It includes a middle man whom you’ll be paying to do the mining for you, or said in a simple way – cloud mining. You will find out more about that later on in the article.
- Best Way to Mine
- Best Mining Hardware
- Cloud Mining
- Calculator
Why You Should Mine Ravencoin?
Let’s be honest, Ravencoin is new and rising cryptocurrency, but if we take under consideration the dynamics of the market, the huge demand kicks the market cap high enough to increase your income significantly. As we mentioned, the RVN’s ASIC-resistant nature counts as an advantage. This helps the network stay decentralized and hacker-free. The initial idea behind the Ravencoin creation is to be one of the strongest decentralized networks, providing equality and fair distribution. You can sense that in the absence of ICO, pre-mining and master nodes. This way scams are pretty much out of the equation. Got your attention?
Best Way to Mine Ravencoin
Now, the best possible way to increase your funds and generate more profit from mining Ravencoin is joining a pool. Participating in one or several pools, guarantees smaller, but frequent and stable incomes. There are many RVN mining pools all around the world, some of them require registration, others don’t. The best pool to mine would be the one with bigger market share, good reputation and of course higher hash rate. All these factors are equal to high speed in finding new blocks. To sum it up, lay your hands on GPU Nvidia GTX and dive in. This card is the best player to have on your side, when mining RVN for profit. Conversely, the worst way to mine this coin is by doing it on your own. When mining solo, you can forget about the speedy and steady incomes, they could even take years to come.
What do You Need to Start Mining Ravencoin?
There are several things that you must take into consideration. The first thing is always the hardware, but we will explore this topic in depth a bit later on. Next you need to think about your internet connection. The latency is crucial for your performance as a Ravencoin miner. For top results we recommend stable internet connection with unlimited capacity. However, if your traffic is limited, we recommend at least 500MB per month per machine. Last but not least, you need to create a crypto wallet to collect, send and receive your rewards.
Let’s quickly summarize everything abovementioned:
To summarize, all you need is:
- Hardware – GPU Nvidia mining rig (later on in the hardware section you will see how to set it up)
- Power consumption – check the Watts your system handles and the ones your device requires
- Internet connection – you must be constantly connected to the network with 15GB per machine, per month
- Wallet to uphold and manage your profit – official one link is always the best choice
What Else You Need to Consider?
There are a few more things, that we must emphasize on. If you are going to assemble a mining rig with more video card, used specifically and only for mining Ravencoin, you need to think about several problems that might occur. Two of them are strongly related – the heat and the noise. Running more video cards will require stronger ventilation for proper cooling so you can reduce the working temperature of the gadgets. In addition to that, the cooling fans are producing a lot of noise as well. We have devoted a specialized troubleshooting page – link. You can find some suggestions on how to tackle such problems, and even more.
You must not underestimate how much power your mining rig is consuming. It is pretty simple, the more cards you have, the higher the consumption will be, which will reflect on your electricity expenses.
Best hardware to buy in order to mine the Ravencoin
A good thing about Ravencoin is that the algorithm X16R is not at all heavy and it doesn’t require the most powerful gear. But honestly, even if you purchase a higher class one, it’s okay, you can always change the coin and start mining some other GPU currencies which may need more mining power.
Let’s have a look at the best options on the market that we have gathered for you.
Recommended Ravencoin/RVN Mining Hardware
Nvidia GTX 1080ti
Our choice
The most reliable card, worth buying is GTX1080 because of the perfect balance between hashrate, power consumption and price. It seems it’s the best possible option for that amount of money.If you are calculating the power consumption, don’t forget to consider +50W on top, added because of the remaining computer components.
If you decide to purchase another card, missing from our chart here, we can point out three more factors, which are not that relevant but still have overall importance.
- The brand warranty – It doesn’t matter if we’re talking about cars or video cards, there are manufacturing issues that might occur sometimes, which can be covered by your warranty.
- The re-sale value of the card – In case you decide to get rid of it, it will be best to lose as little money as possible, right?
- Durability: cards dedicated to mining are more durable compared to the regular gaming ones
- The durability of the card – Some cards are designed with better cooling systems and are therefore more durable.
Setup and Configuration of Hardware and Software
Alright, let us explain how you must set up your RVN hardware and software, so you can start making money!
Step 1: Download mining software
There is a variety of Ravencoin mining software but the best one for Nvidia is CCMiner. It is compatible with Linux and Windows and there is no Development fee, it is free to use! We also like it because it has a user-friendly interface and it’s really simple to use.
You can quickly download it from the official website: https://github.com/tpruvot/ccminer/releases
Step 2: Create a batch file
Right after its installation, you have to create a new batch file (or script file if Linux) in the folder of the miner and fill it in with this line:
cminer-x64.exe -a algorithm -o stratum+tcp://mining_pool:port -u wallet_public_key -p c=coin_symbol
Step 3: Choose a mining pool
Okay, let’s mine Ravencoin now! As we mentioned in the beginning, pool mining is the most stable and reliable option to make money. All miners combine their mining power in order to achieve more together, the rewards are split between all miners according to their contribution to the blockchain.
Here are the best Ravencoin mining pools we carefully selected for you:
.
Hash4.life
Yiimp.eu
.
Create an account and obtain a username and worker details if they are required for mining. You will also need to write down the pool address and port for the pool configuration.
Step 4:Configurate
After that you should change “algorithm” with the algorithm you want to use. In this case you have to use “x16r”
Replace “mining_pool” with hash4.life
Replace “port” with 3636
Replace “wallet_public_key” with your wallet address.
Replace “coin_symbol” with RVN
For example, the setup is:
ccminer-x64.exe -a x16r -o stratum+tcp://hash4.life:3636 -u RMhdm9uaxUW9qWU4JyKkLEB43myRreRwYW -p c=RVN
Enter the IP address of the Antminer to access its interface. Check the manual of your miner to find the right login credentials. Usually both the username and the password are “root”.
Step 5: Double click the batch file.
Once you double click on the batch file you set the miner in motion. Similar screen must appear in front of you:
Step 6: Monitor results.
When you look at the miner window, you should see your GPU model. That means it’s recognized, and you can also see your total speed.The next line is the one that indicates you GPU clock speed temperature and fan speed.
There are some bugs that can appear, of course. The most common ones are two:
1. If you see a lot of stale shares, its best to try server closer to you.
2. If you see a lot of rejected shares, you must try to reduce the intensity of the miner, if possible.
Ravencoin Cloud Mining
Let’s talk about the good and the bad sides of cloud mining. The biggest advantage is the lack of hardware, but what does that mean? You use 3rd party hardware while paying subscription for it. No electricity bills, no investing in devices, the middle man does all for you. Sounds great, right? We can help you out with the estimation of your profit (check the next topic), but first you must decide how much you are willing to pay to rent the Ravencoin mining hardware. It is a clever move to estimate your rewards and check if the invested money is covered by the incomes. In case you are on the losing side of the equation, it’s best if you drop it.
Here are the best two options (cloud mining platforms), which are high on the ranking and have a good reputation:
- Nice Hash
- Mining Rig Rentals
Ravencoin Mining Calculator
Check out our estimation tool. It is easy to use, just fill in the required fields and you will see the results based on the numbers provided. Hash rate, power consumption, price of electricity and pool fee are the leading parameters which shape the results. You can use the calculator for cloud mining estimation as well, but you should only fill in the Hashrate and the pool fee.
After you are done you can just click “calculate” and it will show you the results altogether with the expected profitability for a certain time frame of days, months or years.
Disclaimer:The results of the calculator are approximate of what you are about to earn and are relevant only for the current moment and market situation. Please note that your profit depends on the current network difficulty and the current coin price.
Ravencoin Mining Calculator
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